When it comes to Forex Canada brokers, there are plenty of options you can choose from. Many of these companies provide a wide range of trading features. Those that are certified seem more reliable in the eyes of their clients. Among great firms, there are also some that aren’t regulated yet. This doesn’t mean they don’t offer trustworthy services. The best thing to do before taking a decision is finding out as many details as possible about these brokers. Below, we have come up with a list of the best brokers available in Canada.
Forex Canada – Best Brokers
Even though it is not regulated yet, LMFX is one of the best Forex Canada brokers. The company was founded in 2015, and US clients are allowed to register. There are three types of accounts to choose from:
- Premium account. This type of membership is customized according to forex traders’ needs. The initial deposit is 50 dollars. If you open this account type, you will receive the guidance and support of a Personal Account Manager.
- Fixed membership. If you like to trade using fixed spreads, this is the perfect choice for you. This suits experienced traders, and the initial deposit is 250 dollars.
- Zero account. This is the low-cost trading membership. It means you can trade spreads spending less money. You will have to deposit at least 100 dollars to open this account. Both high-volume trading and scalping method are allowed.
AvaTrade professionals have plenty years of experience in the trading field. The company was founded in 2006. Since then, it has become one of the most popular Canada Forex brokers. It has revolutionized online trading. Their platform is user-friendly, having an excellent software. AvaTrade provides only two main account types: the demo and the real accounts. The first one was created for those of you who don’t have a lot of experience. You will only trade virtual currencies, so there is no risk of losing money. When it comes to the real account, you have four different options to choose from:
- Silver. The minimum deposit for this basic account type is 100 dollars, while the withdrawal time is five days.
- Gold. If you want to register for a Gold account, you will need to deposit at least 1,000 dollars. You will receive daily signals and market analysis.
- Platinum. Even though the withdrawal time is equal to that of the Silver and Gold account, this membership offers a lot more perks and incentives. You will gain access to a direct dealing room. The minimum deposit is 10,000 dollars.
- Ava Select. The withdrawal time is only 24 hours in this case. However, the initial deposit starts from 100,000 dollars.
Alpari was founded in Russia, in 1998. As you can see, it has a lot of years of experience. It is trustworthy, which is why it has become one of the most popular Forex Canada brokers. It is a leader in the trading market, having over 440,000 registered clients in more than 150 countries all over the globe. Alpari provides three different account types. Basic memberships don’t require a minimum deposit, while their Pro Direct and ECN accounts involve a 200-dollar initial deposit.
This broker provides a wide range of withdrawal and deposit methods. Clients can choose from over 12 different options. Normal withdrawals can be made in 24 hours. There are also some fees involved, but it depends on which method you have selected. Alpari is renowned for its well-organized customer service. Besides offering educational tools which are available on their website, the company also offers live chat, a phone number, and an e-mail address. Their customer support is available 24/7.
eToro is a world renown Forex trading Canada broker, requiring a minimum deposit of only 50 dollars for its basic account type. Even though it is present on the trading market in many countries, it does not accept US traders. Besides the demo membership, eToro also provides two types of live accounts: the standard and the Islamic accounts. You can register, using a lot of different methods such as credit cards, e-wallets, bank transfers, and more. The company will grant you access to withdrawals only after you send the necessary documents to verify your identity. This process can take up to five working days, and the minimum withdrawal must be 20 dollars.
If you choose to open a practice account, your deposit will contain 10,000 dollars in virtual currency. It is a great option to start with because it will teach you how the real platform works. There are no risks, and you will not lose your money. You can even choose your desired trading platform, because eToro offers multiple possibilities, being one of the best Forex Canada brokers.
If you search for one of the best Forex trading Canada brokers, NetoTrade is one of those options. The minim deposit for the standard account is 250 dollars. They don’t accept US traders, even though they are present in a lot of countries all over the globe. It was founded in London, United Kingdom, in 2010. If you want to contact their representatives, you can choose from multiple options such as phone number, e-mail address, and live chat. The company’s customer support is available in five different languages.
Both deposits and withdrawals can be made using credit cards, bank transfers, e-wallets, and others. NetoTrade provides the possibility to open a demo account, which is an excellent educational tool. According to many of their clients, this broker offers high-quality services and plenty of features. All members will benefit from a personal manager’s guidance and support.
This Forex Canada broker was founded in 2010, being launched by industry experienced professionals. You will be pleased to know that this company provides a wide range of features and options, including a mobile app. The firm has gained a lot of trust and popularity, being regulated and authorized by both CYSEC and ASIC. All five of their offices support traders in 140 different countries. Once you open a new account, you become eligible to receive a welcome bonus. This incentive can reach up to 10,000 dollars.
You can either open a live account, or you can opt for a demo membership. The second one is a great choice for when you want to test the way the platform works. It was specially designed for beginner traders. When it comes to the real account, all clients are required to place a minimum deposit of 100 dollars. It is a low deposit, which makes it a real competitive advantage.
XM is registered as a broker in Cyprus, and it was established in 2009. It has received a functioning authorization from the European Union. Users say this is a revolutionizing trading platform, providing plenty of top-notch modern features. An interesting fact about this company is the zero fees policy they use on both deposits and withdrawals. It is an international broker. Its customer support is available in 20 different languages. XM even allows one-click trades, scalping, and hedging. On the other hand, it doesn’t accept PayPal payments. On the downside, the broker charges a five-dollar monthly fee in the case in which your account is inactive. So, make sure to trade each month.
Every client receives daily Forex signals. Even though this company has offices all over the globe, US traders are not allowed. There will not be any commissions when it comes to micro and standard account types. You will have plenty of methods to choose from when you want to make a payment or withdrawal. You can opt for credit cards, bank transfer, e-wallets, etc.
HYCM is a trading company based in London. This company is regulated by both FSCS and FCA, being one of the most reliable Forex Canada brokers. Once you open a new account, you gain the chance of receiving bonuses. Bonus’ value can reach up to 5,000 dollars. This firm provides three different account types:
- Mini account. The initial deposit for this type of membership is 100 dollars. They have created this account to suit beginners’ needs. You will not be able to trade signals, and you will have access to a limited number of assets.
- Standard membership. If you want to open this account type, you will have to place at least 1,000 dollars in your deposit. The maximum leverage is 1:300, and the size of the minimum trade is 0.01.
- VIP account. This is the premium account offered by this company. It provides the best and widest features and options. You will have access to the entire assets database. The initial deposit is 10,000 dollars.
Putting It All Together
As you can see, there are plenty of choices when it comes to picking the right Forex Canada broker. All these companies offer high-quality and reliable services. At first, you can open a demo account, especially if you are a beginner in the trading market. This way, you will gain new skills, and you will discover how real live platforms actually work. You shouldn’t worry about security aspects. Canadian authorities have regulated and handled extremely well the finance sector.